The stabbings happened during a large fight involving 12 to 15 people that broke out near the JCPenney store just before 6:30 p.m., police say.
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One of the boys was found injured at the mall and was transported to the hospital. The other showed up with a stab injury and claimed to have been involved in the mall incident.
Both are expected to recover.
The person arrested is connected to the fight and police retrieved the weapon used. They say no additional arrests are expected.
They say the mall was not shut down and is safe for visitors.
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The police department will be stepping up its presence inside and outside the mall to ensure shoppers' safety.
Fresno Mayor Jerry Dyer tweeted about the incident, saying he was "extremely disturbed" by the increase in violence at the mall and that he would be working with Fresno Police Chief Paco Balderrama and city leaders to develop a safety plan for the mall.
"People should be able to enjoy their shopping experience and not have to worry about these types of incidents," he wrote.
Action News spoke with Councilmember Tyler Maxwell, who represents the Fashion Fair area.
"We're going to do everything within our power to address the increase in violence at Fashion Fair Mall. This next week, I'll be meeting with the chief, mayor and mall management to discuss next steps," he said.
Shoppers can expect an increased police presence at the mall in the coming days, including detectives with the Multi Agency Gang Enforcement Consortium, or MAGEC.
Fashion Fair Mall has been the site of a number of violent incidents in the last two years.